Kata Rocks
THE PAVILIONS PHUKET BRITISH INTERNATIONAL SCHOOL, PHUKET Kata Rocks
Login | Create Account Poll Currency Weather Facebook Youtube Search

Crypto crime tipped to go through roof

BANGKOK: Crimes involving cryptocurrencies are expected to increase in the near future as Thailand is still badly in need of personnel equipped with knowledge and modern technology to deal with cybercrime, a seminar was told yesterday (Aug 30).

crimetechnology
By Bangkok Post

Friday 31 August 2018, 08:47AM


his photo illustration shows a Vietnamese cryptocurrency investor looking at a ‘world coin index’ on a smartphone in Hanoi on April 12, 2018. Photo: Nhac Nguyen / AFP

his photo illustration shows a Vietnamese cryptocurrency investor looking at a ‘world coin index’ on a smartphone in Hanoi on April 12, 2018. Photo: Nhac Nguyen / AFP

Kittipong Kittayarak, the executive director of the Thailand Institute of Justice (TIJ), said that a collaborative study carried out by the TIJ and the UN Interregional Crime and Justice Research Institute shows that nefarious activities involving transnational organised crime are rising in Thailand.

They include ID cards and travel document forgery, money laundering, drug smuggling, human trafficking, call centre scams, and credit card information theft.

The study also identifies challenges faced by Thai agencies involved in the justice system.

“This includes human resource constraints, a lack of effective inter-agency communication due to officials’ lack of proficiency in foreign languages, and bureaucratic red tape,” said Mr Kittipong, a former permanent secretary for justice.

At a seminar titled ‘Advancing the Economy and Combating Crime in the Digital Age: Cryptocurrency and Crime’, which was jointly held by the TIJ and the United Nations Office on Drugs and Crime (UNODC), Mr Kittipong said Thailand still needs to work on developing technologies and innovations as tools to combat transnational crimes, particularly cybercrime involving the use of cryptocurrencies.

He said the UNODC has revealed that many criminal gangs have used cryptocurrencies to launder money and provide financial support for terrorists.

Cryptocurrencies have also been used to pay kidnap ransoms, and buy child pornography, illicit drugs, malware and firearms on the dark web, whose popularity is rising among criminal gangs, Mr Kittipong said.

Currently, there are not many criminal cases involving cryptocurrencies, but such crimes are expected to rise quickly in the near future, he said.

Deputy Prime Minister and Justice Minister Prajin Juntong said the government has set up the National Cyber Security Committee, chaired by Prime Minister Prayut Chan-o-cha.

However, he admitted that the committee still lacks knowledge and the experience to administer computer servers. It is necessary to learn and build up networks to work together to prevent cybercrime, he said.

Julien Garsany, the UNODC’s deputy regional representative for Southeast Asia and the Pacific, said that more than 6 billion cybercrime cases occur in the region annually.

Criminal gangs have reaped B100 billion of profits from illegal transactions, while causing about B150bn of damage to the regional economy each year, Mr Garsany said.

A recent bitcoin scandal in which a Finnish investor and a Thai businesswoman were swindled out of almost B800 million worth of bitcoins is a case in point.

The Crime Suppression Division has pressed fraud charges against five suspects, which include 27-year-old actor Jiratpisit ‘Boom’ Jaravijit, and his brother Prinya Jiratpisit who according to police, masterminded the scam. Bitcoins were used to buy stocks which the victims claimed they never received.

Prinya reportedly fled to the US just as the scam came to public attention.

Read original story here.

 

 

Comment on this story

* Please login to comment. If you do not have an account please register below by simply entering a username, password and email address. You can still leave your comment below at the same time.

Comments Here:
Comments Left:
# Characters
Username:
Password:
E-mail:
Security:

Be the first to comment.

Have a news tip-off? Click here

 

Phuket community
Phuket airport taxi driver charged for stabbing fellow driver after ‘joking’ gets out of hand

When Phuket RTP starts check at Phuket International Airport to check any taxi and minivan driver or...(Read More)


Phuket Police say investigation into Finnish teen’s death inconclusive

"Calling adult women "girls" demeans them and that is exactly why it is perpetuated,&...(Read More)


Operators see potential in tourist tax

Dek, thanks for your sharp reaction, in which you confirm that there is no equal treatment in Thail...(Read More)


Facial recognition leads to fake-passport arrest

Amazing things happen in Amazing Thailand. We all know that by experience. Is it not amazing tha...(Read More)


Truck driver dodges charge for dangerous load as 33 tons of rice flip semi-trailer onto its side

Whatever happened, I doubt the cop could charge him as it happen did not happen on the road... could...(Read More)


Phuket Police say investigation into Finnish teen’s death inconclusive

I'm objecting to a headline, not slang chat at a strip-club. Chauvinists will always defend thei...(Read More)


Phuket Police say investigation into Finnish teen’s death inconclusive

"Semantics," Christy, have you ever notice you are the only one complaining, and there are...(Read More)


Phuket Opinion: Diving in

It was the activities of all these diving companies that destroyed the corals in the first place....(Read More)


Facial recognition leads to fake-passport arrest

"Immigration told me that my multiple re-entry visa was wrong...."What an amazing story.Tr...(Read More)